We’ve been discussing the setup in the London FTSE 100 for several months now, pondering its potential to finally break out to new post-2000 highs like many of its peers in the developed markets. As a reminder, the FTSE hit 6900 for the first and only time on the final trading day of the 20th century. Astoundingly, since then it has traded above 6700 on 145 days and above 6800 on 55 days without ever again reaching 6900.

The question is, is it ready to finally break the 6900 barrier? One way to measure its potential fuel for such a breakout is test how overbought it is, with a simple RSI for example.

As it turns out, as of yesterday the FTSE has the lowest 14-period RSI of all 42 daily closes, all 9 weekly closes and all 3 monthly closes above 6800 since 1999.

At least from that angle, the FTSE appears to have the most potential force to finally spring it over the elusive 6900 level.